With tax season upon us, Chad Smith, a wealth management strategist at HD Vest Investment Services notes, "It's never a bad idea to review what every advisor should be looking for on their clients' Form 1040s and what potential opportunities it may reveal."

A Lackawanna County financial advisor faces up to 42 years in prison for allegedly stealing $2 million in funds from 26 clients over seven years. Jason Muskey, a well-known business man from the area, is facing charges of mail fraud, money laundering, and identity theft.

"Republicans control both the House and Senate in the new Congress," Michael Townsend said. "Don't expect an end to the gridlock that has plagued Washington in recent years.

"Tax reform will draw a lot of attention in 2015, but we see little chance of reform legislation passing this year. Instead, expect Congress to lay the groundwork for a run at tax reform after the next presidential election."

A bipartisan bill aimed at banning internet taxation, which has already cleared the House, is being reintroduced to the Senate.

"I co-wrote the Internet Tax Freedom Act to protect the openness and viability of the Internet as a platform for commerce, speech and the exchange of ideas," senior Oregon Senator Ron Wyden said in a written statement.